Here's How You Can Short Sale Your Moreno Valley Home
- Find Out How Much Your Home Is Worth: This first step is to identify the how much the home is worth. The value isn't the cost of building the home, or the price paid for the home, it is the current market value of the home. To estimate the value you can compare homes like yours in the same neighbor and do some research. You can also talk to trusted Real Estate Agent familiar to Moreno Valley to conduct a comparative market analysis.
- Find Out How Much Is Owed On The Property: Identify all liens or mortgages owed on this home. Call up the mortgage company and ask for a pay-off amount. Include all first, second or third mortgages as well as any mechanic lines, tax, or HOA liens.
- Calculate: Calculate the difference between the home's market value and the liens or mortgages against the home. If the home were to sell for it's market value, would all the liens or mortgage be paid off? If the answer is NO, this would be a short sale.
- List The Home For Sale: Once you have indentified that you cannot payoff the home by selling it, your Moreno Valley Real Estate agent can list your home as a short sale. To help the home sell quickly, keep the home is good condition, be flexible with home showings, and keep your agent informed. If the home or condo is part of an association, and there are fees due, do your best to keep those current as more liens against your home could interfere with it's marketability.
- Submit The Short Sale Packet: Ask the bank if they will accept a short sale. This should be done in a letter. Tell the bank your story about why your home needs to be sold as a short sale and ask for the bank to accept the short payment. A Real Estate Agent can put together a short sale package for you and send to your bank. This letter needs to express your that you are unable to make payments and the home would foreclose.
- BE PATIENT: Practice patience when waiting for approval from the bank, Generally this could take between a few weeks to a few months. It is in the bank' s best interest to have a home short sale rather than foreclose. It is best to work with an agent who is familiar with Moreno Valley and short sale certified and/or experienced who can give you a road map about what to expect.
SHORT SALE VS. FORECLOSURE: Make sure to do your own research about the pro's and con's of a short sale. Both these options can hurt your credit and can be difficult on a person's emotions. Speak to a Realtor about your options.
If You Are Interested Or Have Questions On How You Can Short Sale Your Moreno Valley Home, Please Feel Free To Contact Me At (951) 243-4074 or at Eric@EricFischerRealtor.com
Comments(0)